The Hong Kong Trade Development Council (HKTDC) called for partnerships between Hong Kong and Malaysian companies to develop Malaysia’s infrastructure, at the Hong Kong Forum on Urban Development held today in Kuala Lumpur. The forum is part of HKTDC’s ‘Building for the Future’ promotion.
HKTDC’s Regional Director for Southeast Asia and South Asia, Peter Wong said that with their expertise in financing and project management, Hong Kong’s companies are ideal partners to meet Malaysia’s growing infrastructure needs. Hong Kong’s service-oriented economy also provides a strong framework for infrastructure development, including architectural services, engineering and business consultancies, financing and accounting, as well as legal and arbitration services.
Furthermore, as Hong Kong’s third largest trading partner in ASEAN, Malaysia is seen as the ideal base for Hong Kong companies to expand in Southeast Asia. Given its cost advantages and relative political stability, Malaysia is positioning itself as the gateway to the ASEAN market. Conversely, Hong Kong’s unique strengths in internationalisation and access to financing makes it an ideal springboard for Malaysian companies looking to expand into global markets.
In addition, the signing of the ASEAN-Hong Kong Free Trade Agreement last year is projected to result in enhanced market access and even greater collaboration between Malaysia and Hong Kong.
“Building on these foundations, Malaysian and Hong Kong companies can work even closer together to tap the growing opportunities in the local infrastructure market,” Wong added. He further said, “Malaysia has seen rapid infrastructure and urban development in recent years. The Malaysian government’s renewed focus on spending on necessary infrastructure bodes well for the country. In addition, Malaysia has successfully implemented public-private partnerships since the 1980s and this has been a catalyst in carring out Malaysia’s development projects.”